Continue reforming procedures in foreign exchange management, foreign borrowing and debt repayment

(QNgTV)- The State Bank has proposed amending regulations to simplify international borrowing and debt repayment procedures, improve foreign exchange management efficiency and promote disbursement.

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The State Bank of Vietnam is seeking comments on the draft Circular amending and supplementing a number of articles of Circular No. 12/2022 guiding foreign exchange management for foreign borrowing and debt repayment by enterprises. A notable change in the Draft is the abolition of the procedure for registration and registration of changes to the account to access the Website.

Previously, businesses had to declare loan information to get an account, now they will directly use the VNeID identification number when making transactions.

Along with that, the Draft adds regulations allowing online submission of applications via the National Public Service Portal or the State Bank Public Service Portal.

The dossier must be digitized to ensure accuracy and data integrity; the submitter can use a digital signature to sign directly or scan a signed paper copy. This is a step in line with the policy of promoting online public services throughout the process according to Resolution 66 of the Government .

In addition to procedural reforms, the Draft also adds many technical regulations related to foreign borrowing and debt repayment activities. Specifically, it allows the use of Vietnamese Dong borrowing and debt repayment accounts to withdraw capital or repay debts in cases prescribed by law, including loans that do not meet the conditions for registration or have had their registration confirmation documents terminated.

In addition, the Draft clarifies the mechanism for applying exchange rates when preparing loan and debt repayment reports, using the accounting exchange rate announced by the Ministry of Finance or the exchange rate listed by the bank at the time of debt repayment obligations.

Notably, the Draft clearly stipulates that cases of debt cancellation or debt reduction due to the guarantor paying on behalf of the borrower, handling of secured assets or the lender agreeing to waive debt obligations will not be considered as changes to the debt repayment plan. In that case, the enterprise only needs to update on the Website instead of having to go through the procedure of registering changes.

Source: https://quangngaitv.vn/tiep-tuc-cai-cach-thu-tuc-trong-quan-ly-ngoai-hoi-vay-tra-no-nuoc-ngoai-6507354.html